The Baltic Exchange reports a broadly positive tone in the dry bulk freight market for Week 47, with varied momentum across vessel segments. Market conditions highlight that while demand is firming in certain regions, caution remains amid mixed signals elsewhere.
Capesize
The Capesize segment drove much of the strength. The benchmark BCI 5TC rate climbed from the high US $27,000s to just above US $30,000, reflecting early-week momentum that tapered somewhat toward the end of the week. In the Pacific basin, steady miner demand and weather-related tightness in North China supported activity, though C5 remained range-bound mid-week in the mid-US $10,000s per day. The Atlantic proved the key driver: strong enquiry from South Brazil and West Africa to China pushed C3 rates into the mid-to-upper US $24s, while tightening tonnage in the North Atlantic lifted C8 progressively. Firmer bids and increasing fixtures underpinned the upswing before the market slowed toward close.
Panamax
In the Panamax sector, the time-charter average rose from approximately US $16,986 on Monday to US $17,204 by Thursday. The Pacific began the week with softness but sentiment improved mid-week as owners fixed prompt tonnage at firmer levels. In the Atlantic, fronthaul demand—especially from the U.S. Gulf and East Coast—combined with restricted tonnage boosted rates. Pacific levels held firm, and owners increasingly offered above last-done for both shorter and longer voyage rounds.
Ultramax/Supramax
The Ultramax/Supramax segment presented a mixed picture. In the U.S. Gulf, activity remained limited and rates softened. In the South Atlantic, momentum faded amid a largely flat outlook. A 58,000-dwt open vessel fixed delivery Brazil to West Mediterranean with grains at US $28,000, while a 64,000-dwt open from NOLA to Japan fixed at US $32,000. In the Continent and Mediterranean, activity was muted and sentiment largely positional. In Asia, the market was more balanced: although spot cargoes were largely covered, owner demand remained strong and narrowed the rate spread. For example, a 50,000-dwt open at Yokohama fixed via Kashima to the Arabian Gulf/WC India at US $16,500. Period coverage was also active: a 64,000-dwt open at Fangcheng fixed for 5–7 months at US $16,500, and a 61,000-dwt open at Khalifa (20 November) reportedly fixed for a short period at mid-US $16,000s.
Handysize
The Handysize market was relatively quiet this week. In the Continent and Mediterranean, conditions remained steady with some fresh enquiries and tight prompt tonnage. A 34,000-dwt open at Aabenraa fixed delivery Dordrecht to East Mediterranean with scrap at US $18,000. In contrast, the South Atlantic and U.S. Gulf were particularly quiet, with limited activity and flat rates. A 38,000-dwt fixed delivery Rio Grande to Veracruz at US $19,000, while a 41,000-dwt open at Houston (22-25 November) fixed delivery SW Pass trip to China with petcoke at US $26,500. In Asia, the market was balanced but slow; a 37,000-dwt fixed delivery Yantai to Singapore with bulk slag at US $10,000.
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Source: Baltic Exchange
